Stop Guessing, Start Tagging: How to Make QuickBooks® Online Work Smarter for You
If you’ve ever wanted to slice and dice your financial data in QuickBooks® Online without changing your chart of accounts or creating new classes or locations, you’re in luck. The Tags feature in QuickBooks® Online offers an intuitive, flexible way to track transactions across any category you choose—clients, events, sales channels, campaigns, or even employee…
Navigating IRS Penalty Abatement
UNDERSTANDING REASONABLE CAUSE ABATEMENT Reasonable cause abatement is a provision that allows taxpayers to request the removal of certain penalties based on circumstances that prevented the taxpayer from complying with tax laws. This relief is grounded in the principle that, despite the taxpayer’s best efforts, compliance was not possible due to unforeseen events or circumstances…
Is Your Business Overpaying Taxes? 3 Mid-Year Moves That Could Lower Your 2025 Bill
You know that moment in April when you look at your tax bill and think:“We could’ve done something about this… if we’d only planned earlier.” Well, this is earlier. And if you’re a business owner who’s having a good year so far (or even just a better-than-expected one), now’s the time to stop the silent tax creep….
Understanding the Proposed Tax Legislation: A Cautionary Approach to Tax Planning
In recent months, legislative activity in Congress has spurred considerable discussion around the proposed One Big Beautiful Bill Act (OBBBA). This article explores the key components of the OBBBA House and Senate versions of the tax bill as deciphered from various Congressional documents and highlights the importance of cautious tax planning given the potential changes…
Navigating Potential Changes in Capital Gains Tax: What Business Owners and Boomers Need to Know
As a business owner or a baby boomer planning to sell your business or a significant real estate asset, understanding potential changes in capital gains tax is crucial. President Biden’s FY 2025 budget proposal includes significant tax reforms aimed at wealthier taxpayers, which could impact your financial planning. While these proposals are not yet law,…
Gift and Estate Tax Primer
The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep an individual from using gifts to avoid the estate tax that is imposed upon the assets owned by the individual at their death. This can be a significant issue…
June 17, 2024, Filing Extension: Essential Relief for Individuals and Businesses in Disaster Areas
Considering recent natural disasters, the IRS extended the normal April 15 deadline for filing certain tax returns for some affected taxpayers until June 17, 2024. This extension aims to provide relief to individuals and businesses grappling with the aftermath of these events. Below, we outline the qualifying disaster areas, the types of returns that qualify…
Navigating Economic Storms: 10 Strategies for Business Survival and Success
As the winds of economic uncertainty continue to blow, many businesses find themselves sailing through turbulent waters. With high-interest rates and mounting consumer debt, fears of an impending recession loom large. But amid these challenges lies an opportunity for businesses to not only survive but thrive. Here, we offer a compass to guide you through…
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October 19, 2023 - Lewis & Knopf, CPAs, P.C. Recognized as One of ‘Flint & Genesee’s Top 10 Employers’
October 2, 2023
